AG 1998 11 16 - Laserfiche WebLink

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Exhibit 2B · the quantity and quality of employment opportunities created by the project; · the size, nature and mix of meetin~conference spaces and support facilities; · the potential stimulus the project creates for additional commercial, office and retail development to occur within the immediate area; · the potential stimulus the project creates for maximizing non-resident expenditures by visitors within Concord and Cabarms County that will benefit the public and private economies ,, site specific issues that impact upon local infrastructure responsibilities; · other issues that may need to be considered relative to an individual project. III. PROJECT QUALIFICATIONS To be considered eligible for a commercial/r'etail development incentive grant as a hotel/conference center development, a project shall be required to meet certain minimum criteria. The, se criteria are to be used as guidelines in project evaluations. Additional criteria may be applied to a specific project based upon the tem'~s of the agreement between the hotel)conference center developer and the City and/or County. . · Minimum size of the project to qualify for consideration: ~ ...: Level I H/CCD Grant projedts shall include a .minimum of 300 rooms and 30,000 sq .u~'].,feet of dedicated meeting/conference space, including a main ballroom of 15,000 square f~i'.or more. Level I projects shall meet the C/RD Incentive Grant Program Level I requkenieia~ for floor area of 250,000 square feet, Such floor area shall not be gross leasable area, but include the gross floor area of the combined hotel and conference center buildings. ' ": I.evel II H/CCD Grant projects shall include a minimum orS00 rooms and 50,000 squJ. f4 feet of dedicated meetin~conference space, including a main ballroom of 25,000 square feet or more. Level II projects shall meet a requirement for floor area of 500,000 square feet.' Such floor area shall not be gross leasable area, but shall include the gross floor area of the . ' · combined hotel and conference center buildings. · Level I Grants will be "an amount equal to" up to 25°'/o of the local option f cent and two local option t,,'2 cent sales tax, plus up to 4% out of the 5% local room tax generated by the project for a period not to exceed five full years of operation. Level II Grants will be "an amount equal to" up to 50% of the local option 1 cent and two local option V2 cent sales tax, plus up to 4% out of the 5% local room tax generated by the project for a period not to exceed five full years of operation. Under no circumstances will the incentive grant payments be tied to the local property taxes to be generated by the project and all property taxes to be paid by the new or expanding hotel/conference center development must be paid in full and kept current during the period that the H/CCD incentive grant remains in effect The developer (grant recipient) shall provide the City, the County and the Tourism Authority complete and accurate room occupancy tax, retail sales tax and local option sales tax payment information, as well as monthly average daily rate and monthly average occupancy percentage. The City, County and Tourism Authority shall .secure the confidentiality of that information in recognition of the proprietary nature of the data within the parameters authorized under state law. Hotel/conference center development incentive grant benefits may not be transferred or otherwise conveyed to another party without the specific consent of the City Council and the Board of Commissioners and other contracting agencies. All hotel/conference center development incentive grant benefits are designed to be linked directly to local room tax and local option sales tax revenues received by the City and County